No Revenue; Persistent LossesThe absence of revenue and recurring operating losses mean the business lacks self-sustaining cash generation. Over a 2–6 month horizon this structural deficit forces dependence on capital markets or partners to fund exploration, making project timelines and continuity contingent on external financing.
Negative Free Cash FlowMaterial negative free cash flow that is worsening constrains the company's ability to advance drill programs and meet overheads without fresh funding. This elevates dilution risk and restricts strategic optionality, and is a durable constraint until the company materially reduces burn or secures sustained funding.
Eroded Equity And Negative ROEA diminished equity base limits the balance-sheet buffer against further losses and increases reliance on external capital. Negative ROE signals capital is not creating shareholder value, implying persistent dilution or restructuring risk that can impede long-term project development and investor returns.